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Refinance Rate Assumptions and APR Information


Today’s refinance rates are based on the refinance of a single-family, primary residence, a credit score of 740, and assumes the loan will have an escrow account.

Interest Rate (may increase after closing) %
Loan Amount
Down Payment 0.0%
Time Initial Rate and Payment is in effect
Maximum Lifetime Caps Over/Under Original Rate %
Initial Monthly Principal & Interest Payment
(Excludes taxes and hazard insurance; total payment will be higher)
First Adjusted Interest Rate (Months 1 - 12) %
First Adjusted Payment (Months 1 - 12)
(Excludes taxes and hazard insurance; total payment will be higher)
Fully Indexed Interest Rate (Months 13 - ) %
Fully Indexed Payment (Months 13 - )
(Excludes taxes and hazard insurance; total payment will be higher)
Closing Costs
Upfront Mortgage Insurance Premium n/a
Rates, terms, and fees as of 5/25/2018 10:15 AM Eastern Daylight Time and subject to change without notice.

The following table illustrates the minimum and maximum payments over the life of this loan example.

Projected Payments

Payment Calculation
Principal & Interest
Mortgage Insurance
Estimated Total Monthly Payment

(Excludes taxes and hazard insurance; total payment will be higher)

Important disclosures, assumptions and APR Information

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Fully Indexed Payment

The amount of the principal and interest payment calculated when using the fully indexed rate.

Fully Indexed Interest Rate

The fully indexed interest rate is equal to the margin plus the index (an economic indicator used to determine changes in the interest rate).

First Adjusted Payment
New estimated monthly principal-and-interest payment after the interest rate on an adjustable-rate loan has changed. After the initial fixed-rate period, your interest rate can fluctuate annually, which may significantly impact your monthly payment.

First Adjusted Interest Rate
Estimate of the interest rate on an adjustable-rate loan when it first adjusts after the fixed-rate period. Future rates can't be predicted, so it's calculated by adding the current index rate to the margin (subject to first adjustment cap).


A loan that exceeds Fannie Mae's and Freddie Mac's loan limits. Also called a non-conforming loan.

Larger Loan Amounts in Eligible Areas

In federally designated metropolitan areas, conventional and government loan limits have been increased to assist homebuyers.

A loan that is either backed by the Federal Housing Administration (FHA) or a VA loan for eligible service members and veterans.

Conventional conforming mortgage
A mortgage that is not obtained under a government program (FHA or VA) and satisfies the underwriting guidelines and loan limits set by Fannie Mae or Freddie Mac.

Annual Percentage Rate (APR)
The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.

Interest rate

The percentage of an amount of money which is paid for its use for a specified time.